Sat Feb 9, 2019, 02:19 AM

I'm a CPA with a small tax practice

My husband and I are solid middle class with two college age dependents. Nothing changed from last year to this year. Last year our refund was 4000 this year we owe 3000. That’s a 7000 swing not in our favor we are both sick about this. I’ve prepared a few returns (W2s and 1099s are just now being received) and refunds are significantly less or people owe for the first time in years. It’s gonna be tough tax season.

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157 replies	Author	Time	Post
I'm a CPA with a small tax practice (Original post)	ALBliberal	Feb 9	OP
Somehow I knew Fascist America	Liberal In Texas	Feb 9	#1
It's gonna be tough, and I have no doubt my Republican...	TreasonousBastard	Feb 9	#2
I'm so sorry, ALBliberal!	Cha	Feb 9	#3
I think the biggie is	mercuryblues	Feb 9	#17
Thanks for the explanation, mercuryblues!	Cha	Feb 9	#18
We filed an extension for ours.	mercuryblues	Feb 9	#21
Don't you have to pay your estimated tax anyway when you file an extension? I had to do that in the	BamaRefugee	Feb 9	#94
Filing Tax Extension + Impact on Higher Income Individual	Indykatie	Feb 9	#114
yes	mercuryblues	Feb 9	#132
I file for an extension every year because I'm a freelancer and the timing for funding my IRA	Neema	Feb 9	#113
And now we know why So many 'pubs left the House.	Norbert	Feb 9	#110
Put simply,	watoos	Feb 9	#32
Yes	mercuryblues	Feb 9	#39
Yes, a loan w/ a high interest rate. You are pretty well paying for it totally. This points out...	SWBTATTReg	Feb 9	#41
I get a pension,	watoos	Feb 9	#44
Can they legally do that?	BigmanPigman	Feb 9	#105
So, lower withholding lower refund.	pangaia	Feb 9	#115
The problem is that for many people,	janx	Feb 9	#122
yeah, the whole thing was and is so freakin' obvious to anyone with a functioning brain..	pangaia	Feb 9	#124
I'm good at math and I could see it coming from the beginning.	airplaneman	Feb 9	#136
Now I'm really getting scared!	StarryNite	Feb 9	#4
Me, too.	peacefrogman	Feb 9	#5
In a nutshell I believe homeowners with	ALBliberal	Feb 9	#12
I think the republicans wanted to screw America's charities with their tax bill	Achilleaze	Feb 9	#16
Charitable contributions are still deductible	spinbaby	Feb 9	#23
Nice (for rich republicans)	Achilleaze	Feb 9	#25
yep and they raised the amount thats deductible too	D_Master81	Feb 9	#75
The same holds true for mortgage interest.	janx	Feb 9	#85
Our nonprofit is hurt because we rely on many small donations	Liberty Belle	Feb 9	#117
Yup	Freddie	Feb 9	#35
I think they view the non-profit sector as a threat	DBoon	Feb 9	#59
That's an excellent point which I hadn't considered. You would think real churches	erronis	Feb 9	#87
I worry about charities too	TuxedoKat	Feb 9	#22
That is not necessarily true. The elimination of the Personal exemptions, especially for those who	still_one	Feb 9	#33
I don't see how states can override federal taxes.	watoos	Feb 9	#45
California is over-riding it, they just aren't conforming to federal rules. States can confirm or	still_one	Feb 9	#54
The poster is talking about STATE itemization, not federal itemization.	Ms. Toad	Feb 9	#120
I didn't know about the HELOC change	jmowreader	Feb 9	#62
They can only deduct the interest if it is used for home improvement of principle residence, not for	still_one	Feb 9	#66
That will have some negative effect	Mr.Bill	Feb 9	#100
For those who used to itemize it sure will because a good number of folks financed their cars	still_one	Feb 9	#102
This:	shanti	Feb 9	#81
For those over 65 and single it is 13600. For Married filing jointly over 65 it is 26600.	still_one	Feb 9	#101
Nope. In the ne homeowners have a $10k cap on deductions.	lindysalsagal	Feb 9	#42
First scenario is probably true	DeminPennswoods	Feb 9	#58
Have to disagree with your first sentence. It depends	spooky3	Feb 9	#78
Tax question for you	Doremus	Feb 9	#82
Sec 199A Deduction for Qualified Business Income	arthurgoodwin	Feb 9	#103
Postscript	arthurgoodwin	Feb 9	#104
Harumph.	Doremus	Feb 9	#108
Coast	enid602	Feb 9	#97
The tax scam will destroy a lot of bank accounts this year	dalton99a	Feb 9	#6
I'm really sorry for your sake.	PatrickforO	Feb 9	#7
Our family is in the same position as you. Our deductions evaporated.	SunSeeker	Feb 9	#8
I recall even before the law was passed....	KY_EnviroGuy	Feb 9	#9
GEE, and the moron's tax cuts is STILL NOT BEING PAID for.	pansypoo53219	Feb 9	#10
+1000. We'll pay for it, and children/grandchildren.	erronis	Feb 9	#89
It's those with over-16 dependents that are really being hurt	nitpicker	Feb 9	#11
Thanks. That is yet another hit on higher education.	Hortensis	Feb 9	#14
wait, other-dependent is non-refundable?	Recursion	Feb 9	#50
Oh, my. I'm sorry. And scared to see ours.	Hortensis	Feb 9	#13
republicans lied to, and then screwed Americans to enrich rich republicans	Achilleaze	Feb 9	#15
Perfect. It might be safer to let the boat go down and see who survives....	erronis	Feb 9	#92
What is the change in the total tax burden?	Adrahil	Feb 9	#19
The old withholding was based on nr personal exemptions	DeminPennswoods	Feb 9	#60
I went from a typical $3000 refund	lanlady	Feb 9	#20
"taxcut" is an increase for many bluestate middleclass wage earners as	beachbum bob	Feb 9	#24
That and the elimination of the personal exemption is going to bite a good number in that category.	still_one	Feb 9	#36
I think I will be in a similar boat. A couple of thousand smaller swing, but I	Squinch	Feb 9	#26
Is anyone else seeing that commercial on tv selling a book about trump's tax bill	mucifer	Feb 9	#27
Ours was	Skidmore	Feb 9	#28
Of course it's all Obama's fault!	Canoe52	Feb 9	#29
My benefit of the trump tax cut was	Turbineguy	Feb 9	#30
would it be possible for you to explain to your customers that its a result	Fresh_Start	Feb 9	#31
My son adjusted his withholding twice last year and still owe	Gothmog	Feb 9	#34
K-1s are notorous for being late, and technically in violation of the law for that. You should	still_one	Feb 9	#37
I had to pay estimated taxes	Gothmog	Feb 9	#52
you are very wise, and those who were not paying attention may be in for an unexpected tax bill this	still_one	Feb 9	#56
The withholding tables are absolutely broken and you can't convince me it was an accident	Recursion	Feb 9	#47
It was clearly not an accident	Gothmog	Feb 9	#51
+1	uponit7771	Feb 9	#88
Here is a good explanation why many will find not benefit from the new tax law if they used to	still_one	Feb 9	#38
Thank you I'll read that.	ALBliberal	Feb 9	#63
Sickening! Another reason why I can't stand Republcan/Trumpists.	oasis	Feb 9	#40
Haven't done ours yet. Virginia Dept of Tax came out yesterday and told everyone to hold off	underpants	Feb 9	#43
Yep. I just wrote a check for two grand. I am not ****ing happy.	Recursion	Feb 9	#46
My hope in this	JustAnotherGen	Feb 9	#48
For us, it's the Blue State penalty.	mainer	Feb 9	#49
I expect mine to go down	MichMan	Feb 9	#53
You would be incorrect. Most everyone I know got less back this year.	Demsrule86	Sunday	#146
We ended up fine	Bettie	Feb 9	#55
If you increased your withholding, then you also paid more.	progressoid	Feb 9	#70
Yeah, but we don't have to come up	Bettie	Feb 9	#72
Yeah, I'm self-employed.	progressoid	Feb 9	#73
We need to hit this harder	riverwalker	Feb 9	#57
GOP expertly crafted the 2018 mid-term election and the 2019 tax return filing.	NCjack	Feb 9	#61
This will hurt people's wallets	aikoaiko	Feb 9	#64
I have a question	customerserviceguy	Feb 9	#65
Mm-hmm.	Iggo	Feb 9	#68
I did just that and paid big for it	dhol82	Feb 9	#95
Things went very different with the new tax law	customerserviceguy	Feb 9	#99
Prepaying property taxes would not have helped	ALBliberal	Sunday	#147
If property taxes for 2018	customerserviceguy	Sunday	#154
That's terrible	workinclasszero	Feb 9	#67
Yikes! $7000 more?	CaptainTruth	Feb 9	#69
Yachts and aircraft for the rich aren't cheap.	ooky	Feb 9	#130
And, don't forget underpayment penalties!!!	Coventina	Feb 9	#71
The IRS has said it will waive underpayment penalties...	Kensan	Feb 9	#106
I'm an exception	FreeJoe	Feb 9	#74
hubby and i managed to get a slighlty larger refund this year..	samnsara	Feb 9	#76
I filed the other day via TurboTax FREE	CountAllVotes	Feb 9	#77
How is this happening? Is the actual tax going up?	JustABozoOnThisBus	Feb 9	#79
1 K here , what a mess.	sarcasmo	Feb 9	#80
Your withholding didn't change?	fescuerescue	Feb 9	#83
If you live in NY or CA . You are screwed because you lose that	UCmeNdc	Feb 9	#90
It's a chess move.	zentrum	Feb 9	#84
We're both retired. We got $1000 back last year, this year we're paying $4000. Admittedly....	George II	Feb 9	#86
How did your soc sec jump so much?	dhol82	Feb 9	#96
I use Turbotax and never really looked at the details before this year....	George II	Feb 9	#98
That's why I happily give my account $135.	sarcasmo	Feb 9	#107
This is going to be a big issue	Gothmog	Feb 9	#91
Best way to get a subservient populace, put them all in phony "debt" and then companies can oppress	rwsanders	Feb 9	#93
This is what they do.	Voltaire2	Feb 9	#109
It's also going to bring about a big economic downturn. Many	Ferrets are Cool	Feb 9	#111
Perhaps a TOO obvious question for a CPA, but.. what was the difference in	pangaia	Feb 9	#112
I'm not CPA, but	janx	Feb 9	#119
I plan on rerunning 2017 with my 2018 information	ALBliberal	Sunday	#148
That was their plan. To hit Democrats, who live mainly in high-tax states.	Honeycombe8	Feb 9	#116
April is a terrible month for most freelancers who have to pay quarterlies.	Neema	Feb 9	#118
Was there a change in your actual tax bill?	Ms. Toad	Feb 9	#121
Yes Ms Toad	Fresh_Start	Feb 9	#126
Thanks -	Ms. Toad	Feb 9	#131
I am not an accountant	Fresh_Start	Feb 9	#134
Sorry - I didn't look carefully & thought you were the OP responding. n/t	Ms. Toad	Feb 9	#141
i live in NJ and, because of the tax bill, I lost 20,000 in deductions from state and property taxes	Mars and Minerva	Feb 9	#138
Did NJ make any adjustments to compensate for the Federal changes -	Ms. Toad	Feb 9	#140
Nothing to change the ax on those deductions...	Mars and Minerva	Sunday	#144
They won't do anything that decreases state revenue.	roamer65	Sunday	#155
The idea is to set up Municipal charities so that you can donate to your area....	Mars and Minerva	Sunday	#157
My refund was hundreds of dollars less than last year.	LuvNewcastle	Feb 9	#123
Sadly, it's job security for me.	Lefta Dissenter	Feb 9	#125
does anyone remember this guy?	voteragain	Feb 9	#127
My favorite part about the IRS: refunds are interest free. But UNDERPAY? You owe them a huge penalty	MadDAsHell	Feb 9	#128
I completey disagree.	Pobeka	Feb 9	#129
1000+	Scruffy1	Feb 9	#133
It begs the question.	Scruffy1	Feb 9	#135
I got a big tax cut.	roamer65	Feb 9	#137
Ugh. Not looking forward to this. :(	C Moon	Feb 9	#139
Feel same way I always do my taxes	marlakay	Feb 9	#142
Flu and taxes? Eeeek!	C Moon	Sunday	#143
You think that's bad, I have bronchitis, taxes and I'm having my kitchen and bathroom...	Mars and Minerva	Sunday	#145
:O	C Moon	Sunday	#150
I know...I'm being a baby but it pisses me off that these taxes are going to a government run by...	Mars and Minerva	Sunday	#151
I hear ya!	C Moon	Sunday	#153
Tax returns for this year and next year keep this up we're going to win 45 states in 2020	TeamPooka	Sunday	#149
for the first time the Presbyterian Church I occasionally sing at,	SleeplessinSoCal	Sunday	#152
The targeting of blue areas in this tax scam was very pinpoint.	roamer65	Sunday	#156

Response to ALBliberal (Original post)

Sat Feb 9, 2019, 02:22 AM

Liberal In Texas (8,723 posts)

1. Somehow I knew Fascist America

wasn't going to be all that great 2 years ago.

Kind of nervous about my tax debt for last year too....have no idea how to figure it out. Will be getting the info to the accountant soon.

I'm a CPA with a small tax practice

1. Somehow I knew Fascist America

2. It's gonna be tough, and I have no doubt my Republican...

3. I'm so sorry, ALBliberal!

17. I think the biggie is

18. Thanks for the explanation, mercuryblues!

21. We filed an extension for ours.

94. Don't you have to pay your estimated tax anyway when you file an extension? I had to do that in the

114. Filing Tax Extension + Impact on Higher Income Individual

132. yes

113. I file for an extension every year because I'm a freelancer and the timing for funding my IRA

110. And now we know why So many 'pubs left the House.

32. Put simply,

39. Yes

41. Yes, a loan w/ a high interest rate. You are pretty well paying for it totally. This points out...

44. I get a pension,

105. Can they legally do that?

115. So, lower withholding lower refund.

122. The problem is that for many people,

124. yeah, the whole thing was and is so freakin' obvious to anyone with a functioning brain..

136. I'm good at math and I could see it coming from the beginning.

4. Now I'm really getting scared!

5. Me, too.

12. In a nutshell I believe homeowners with

16. I think the republicans wanted to screw America's charities with their tax bill

23. Charitable contributions are still deductible

25. Nice (for rich republicans)

75. yep and they raised the amount thats deductible too

85. The same holds true for mortgage interest.

117. Our nonprofit is hurt because we rely on many small donations

35. Yup

59. I think they view the non-profit sector as a threat

87. That's an excellent point which I hadn't considered. You would think real churches

22. I worry about charities too

33. That is not necessarily true. The elimination of the Personal exemptions, especially for those who

45. I don't see how states can override federal taxes.

54. California is over-riding it, they just aren't conforming to federal rules. States can confirm or

120. The poster is talking about STATE itemization, not federal itemization.

62. I didn't know about the HELOC change

66. They can only deduct the interest if it is used for home improvement of principle residence, not for

100. That will have some negative effect

102. For those who used to itemize it sure will because a good number of folks financed their cars

81. This:

101. For those over 65 and single it is 13600. For Married filing jointly over 65 it is 26600.

42. Nope. In the ne homeowners have a $10k cap on deductions.

58. First scenario is probably true

78. Have to disagree with your first sentence. It depends

82. Tax question for you

103. Sec 199A Deduction for Qualified Business Income

104. Postscript

108. Harumph.

97. Coast

6. The tax scam will destroy a lot of bank accounts this year

7. I'm really sorry for your sake.

8. Our family is in the same position as you. Our deductions evaporated.

9. I recall even before the law was passed....

10. GEE, and the moron's tax cuts is STILL NOT BEING PAID for.

89. +1000. We'll pay for it, and children/grandchildren.

11. It's those with over-16 dependents that are really being hurt

14. Thanks. That is yet another hit on higher education.

50. wait, other-dependent is non-refundable?

13. Oh, my. I'm sorry. And scared to see ours.

15. republicans lied to, and then screwed Americans to enrich rich republicans

92. Perfect. It might be safer to let the boat go down and see who survives....

19. What is the change in the total tax burden?

60. The old withholding was based on nr personal exemptions

20. I went from a typical $3000 refund

24. "taxcut" is an increase for many bluestate middleclass wage earners as

36. That and the elimination of the personal exemption is going to bite a good number in that category.

26. I think I will be in a similar boat. A couple of thousand smaller swing, but I

27. Is anyone else seeing that commercial on tv selling a book about trump's tax bill

28. Ours was

29. Of course it's all Obama's fault!

30. My benefit of the trump tax cut was

31. would it be possible for you to explain to your customers that its a result

34. My son adjusted his withholding twice last year and still owe

37. K-1s are notorous for being late, and technically in violation of the law for that. You should

52. I had to pay estimated taxes

56. you are very wise, and those who were not paying attention may be in for an unexpected tax bill this

47. The withholding tables are absolutely broken and you can't convince me it was an accident